Tesco profits slide 28% despite recovery in sales

Supermarket giant Tesco today revealed that its half-year profits dropped by more than a quarter, despite notching up a third quarter in a row of sales growth as its turnaround gathers pace.
The group posted a 28.3 per cent fall in bottom-line pre-tax profits to £71 million for the six months to 26 August after being hit amid the sector’s fierce price war.
Its fightback against the discounters helped UK like-for-like sales surge by 0.9 per cent in the second quarter.
Chief executive Dave Lewis outlined plans to slash costs by £1.5m to help get profits back on track. He said the cost-cutting... read more

Related news

Tesco stayed on the road to recovery today with a third quarter of sales growth - but it was not enough to stop the supermarket giant's profits falling.
Its strategy of dropping prices helped it boost sales growth by 1 per cent, but half-year profits...

The contrast was stark when the most successful and the most troubled of the big four supermarkets posted trading updates today.
Sainsbury's reported like for like sales growth up 2 per cent for the three months to the end of September, while...

German chemicals firm BASF has reported strong fourth quarter results after the improving global economy boosted sales. BASF reported a profit of 1.1bn euros ($1.5bn; £931m), up from 455m euros in the same period a year earlier.
For the full year the...

Boeing has reported a sharp rise in profits, thanks in part to stronger sales of commercial planes. Net income for the final three months of last year was $1.4bn (£900m), up 20% on a year earlier. For the full year, profits were up 21% at $4bn.
For...

Energy giant SSE warned customers are 'highly likely' to suffer from further price hikes in the future - as it revealed a massive jump in profits made from UK households.
Retail profits rose 28 per cent to £410million after SSE raised prices by 9 per...

Energy giant SSE warned customers are 'highly likely' to suffer from further price hikes in the future - as it revealed a massive jump in profits made from UK households.
Retail profits rose 28 per cent to £410million after SSE raised prices by 9 per...